Rupee extends losing streak to fourth session, down against dollar

NEW DELHI: Extending its losing streak to fourth session, rupee dropped to 64.18 against the US dollar on Monday, down 2 paise over its preceding session's close of 64.16.

The domestic currency opened firm at 64.05 against the greenback, recording up 9 paise. However, the gains could not last long.

The domestic currency lost momentum as the session proceeded and hit its day's low of 64.24, before recovering some lost ground.

Forex dealers said weak domestic equity market and dollar's strength against other currencies overseas hurt the exchange rate.

All eyes were on the two-day US Federal Reserve's policy review starting today. The review will conclude tomorrow.

(With inputs from PTI)